General election – which party is best for small businesses?

Many Logic4training customers are small businesses, either with a small team or working as a sole trader. With the general election coming up, we look at the main parties manifesto’s when it comes to helping SMEs:

The Conservatives: Need a loan to help your business grow? The Conservative’s pledge to treble to number of Start Up Loans, while launching ‘Help to Grow’, aimed at growing businesses by providing government guarantees to banks. Central government will use more SMEs for its own product and service needs; fancy doing some plumbing in Westminster?

Labour: Starting from the bottom up, the Labour party pledges one-to-one careers advice for every teenager in effort to create business-ready employees. Apprenticeships would also be guaranteed for every school leaver with the right grades, with all firms benefitting from large government contracts having to take on an apprentice.

Labour plans to tackle rising costs for small businesses as well as strengthening the rules on late payment. Business rates for over 1.5m smaller business properties will be cut or frozen.

Something that would directly affect Logic4training customers employing junior staff include increasing the National Minimum wage to more than £8 an hour by October 2019, zero hour contracts would also be banned.

The Green Party: The Green Party see small business as key to improving the environment and local communities. They want to make it easier for small businesses to employ people, as well as contributing to the living wage. Corporation tax for small firms will remain at 20%, while larger firms will pay 30%.

Mutually owned community banks will serve local areas or particular groups and local authorities will be encouraged to favour local procurement. BT and other public telecommunications operators would be obligated to provide affordable high-speed broadband to every small business.

The Liberal Democrats: The Lib Dems promise to create a new community banking sector to support small and medium-sized enterprises and social enterprises. In general, it wants to implement a competitive banking sector, with support for alternative finance providers and improved access to finance for business and consumers.

The rollout of high-speed broadband will be completed, reaching almost every household and small business in both rural and urban areas.

Businesses will be encouraged to take on apprentices, with the Lib Dems hoping to double the numbers as well as giving 16-21 year olds discounted bus travel.

UK Independence Party: UKIP promises to reduce business rates, tackle late payment and increase access to finance, while cutting red tape. Smaller business will have improved access to trade credit insurance, something that at the moment can prove restrictive for SMEs.

Tendering for public sector contracts will be made easier for SMEs by removing the necessity to demonstrate compliance in areas irrelevant to the job being tendered for.

Young people will have the option of starting an apprenticeship in four non-core subjects at GCSE level.

What is your opinion on the up coming election? Do you believe the main parties can deliver on their promises if elected? Let us know on Twitter & Facebook.